Concept

The basic concept of measuring trade volumes to network transaction volumes was floated by Bretton Vine in January 2017 to the cryptocoins mailing list, and independently published as a named metric by Willy Woo in February 2017, and then taken up by Coinmetrics team who have done the most work on this type of analysis since.

Chart 2: Coinmetrics Data version of the chart

Please be sure to review their disclaimer on this metric with their data, because measuring transactions gives 5x more volume than if you have insight into change transactions by virtue of being the largest wallet provider, as with the data from blockchain.info above.

This chart is always 24 hours behind, aka 'a day late' in illustration because the data sources are a day behind.